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The New Year: Time to start a business?

Over the Christmas holiday period what will you be thinking about? Brussels sprouts or something more significant?

What will your New Year Resolution be? Will it be to set up your own business?

Family run Owner Managed Businesses (OMBs) are the backbone of this country. According to the Department for Business Innovation and Skills (BIS) Small and Medium-sized Enterprises (SMEs) account for 99.9% of all enterprises, employ 58.8% of all private sector employees in the UK and account for 48.8% of private sector turnover.

Whilst this suggests SMEs could be more productive their owners are probably enjoying more flexible working arrangements. Sometimes they may work until after 11 pm but at other times they will be sat watching the school nativity play. And the best thing about setting up your own business? There is no boss telling you what to do!

So think about your business idea, think about how to fund it, what you will survive on whilst you are establishing it but sometimes the diver has to stop thinking and they just take that dive off the board and into the pool. Which is why a lot of people who find themselves without a job set up their own business, explaining the BIS statistic that from the start of 2010 to the start of 2011 the number of SMEs increased by 94,000 – a 2.1% increase.

Feeling inspired? Check out our blog post on starting your own business.


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